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May 16, 2012

Merger Control Remedies in Korea

Earlier this year, Korea's Fair Trade Commission has announced the amendment of its rules on merger remedies through the Notice on Merger Remedies. The amendment revises the prior Merger Remedies Guidelines. The most relevant changes are listed below.

The KFTC will, only, utilize behavioral changes when structural changes are impracticable or may be ineffective. Structural changes, include, prohibition of a merger, divestiture and the transfer of intellectual property rights. The Fair Trade Commission has noted that the preferred choice will be divestiture and a merger injunction will only be ordered when the divestiture is not feasible in the situation.

The Korea Fair Trade Commission has noted that the guiding principles of the Merger Remedies is: Effectiveness, Proportionality and Transparency and Enforceability. Arguments from attorneys should be directed at the KFTC ability to meet these guiding principles by proposed actions.

The KFTC has increased investigations and has become much more aggressive in all areas under its jurisdiction. We strongly recommend a compliance audit and a nuanced approach in all actions where your company may be a target of the KFTC.

Other articles on the Korea's Antitrust/Competition Law may be found at:

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SeanHayes@ipglegal.com
IPG is engaged in projects for companies and entrepreneurs doing business in Bangladesh, Cambodia, China, Korea, Laos, Myanmar, the Philippines, Vietnam and the U.S.
www.ipglegal.com

AsiaLaw Leading Lawyer in Korea: Sean Hayes

About SEAN C. HAYES

NY Attorney Sean Hayes grew up in Connecticut and New York to an Irish-immigrant father and Italian mother. He is a U.S. and Irish National. He is a permanent resident of Korea.

Sean Hayes is the first and only non-Korean to be employed as an attorney by the Korean Court System and one of the first non-Koreans to be a full-time regular member of a Korean law faculty.

He is rated as one of only two non-Koreans as a Leading Attorney in Korea by LawAsia. He is, also, rated a leading attorney by numerous other attorney rating services.

He is known over his 14+ years in Korea for his aggressive advocacy and candid NY-style street-smart advice.

Sean is, also, one of the few attorneys in Asia that has experience managing non-consulting companies and working as an HR Manager. He worked as an interim General Manager/Director for Oil & Gas, New Tech, Pharmaceutical, Franchise and Manufacturing companies.

He regularly appears in and is quoted by international media organizations including the NY Times, Wall Street Journal and international law journals.

In his free time Sean enjoys playing golf, drinking beer and carousing with his rowdy friends.

ABOUT IPG Sean's firm is, often, chosen over the ubiquitous Korean Law Firms when un-conflicted and aggressive representation is essential for success.

Sean and his Firm have been recognized by numerous legal publications and rating agencies.

Sean and IPG have, also, been involved in some of the most noteworthy contentious matters via arbitration and litigation in Asia in Korea, China, Vietnam, Laos, Myanmar, Bangladesh, Cambodia, the Philippines and the United States.